Bittrex International is all set to close operations on the 29th of October. The exchange is withdrawing services from 31 countries. The main reason behind the move is regulatory uncertainty around crypto exchanges. Interestingly, the closure will be accompanied by the launch of a new partner exchange, Bittrex Global.
Maldives and Iraq Among Affected Countries
The list of affected countries include Afghanistan, Egypt, Bosnia-Herzegowina, Botswana, Cambodia, Central African Republic, Democratic Republic of Congo, Côte d’Ivoire, Ethiopia, Eritrea, Ghana, Guinea, Guinea-Bissau, Guyana, Iraq, Laos, Lebanon, Libya, Maldives, Pakistan, Sri Lanka, Somalia, Sudan, South Sudan, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Venezuela, Yemen, Zimbabwe.
Bittrex platform has been under tremendous pressure from the past few months. Also, in April Bittrex was denied a license to operate in New York. Furthermore, it was also asked to stop providing services to some of its users. Then the New York Department of Financial Services had alleged that the exchange kept “inadequate records” on a large number of transactions.
Bittrex Global To Be Headquartered in Liechtenstein
Bittrex Global will be utilizing the latter’s technology platform. The former will have its headquarters in Liechtenstein. Moreover, it aspires to establish its prominence as the premier global exchange for trading new and innovative blockchain tokens.
Furthermore, the exchange has welcomed all eligible Bittrex International customers to join the platform. Post-launch, all eligible Bittrex International Customers and the corporate accounts will be redirected to Bittrex Global. The users can use their previous usernames and passwords to access the new platform. On the 30th of October, all the Bittrex International social accounts will retire.
Earlier in June Bittrex in a move had downsized its trading options for US-based traders on the platform. The exchange then delisted 42 coins and tokens.
Will the new Bittrex platform manage to attract as many users? Let us know, what you think in the comments below!